Determinants of the Size and Composition of US Corporate Boards: 1935‐2000
研究了1935-2000年间82家美国存活公司的董事会规模与构成的决定因素，发现公司规模、增长机会、并购活动和地理扩张是重要因素，但控制这些因素后，董事会特征与企业绩效无稳健关系。
We examine the determinants of the size and composition of corporate boards for a sample of 82 US companies that survived during the period 1935‐2000. Our hypotheses lead to predictions that firm size, growth opportunities, merger activity, and geographical expansion are important determinants of these board characteristics. We find empirical evidence that the four variables are significant determinants of the size and/or composition of boards. After controlling for these determinants of board characteristics, we find no robust relation between firm performance and either board size or composition .